Faster Payments facilitates money transfers from one UK-based bank account to another at near-instant speed.
In brief:
- TCS is reportedly in the running to take over the administration of the UK’s Faster Payments network from Mastercard-owned Vocalink.
- Vocalink has spent the best part of 16 years fine-tuning the service – alongside the BACS payment system and Link ATM network it operates in tandem.
- Faster Payments sits at the core of the UK’s payment capabilities and is heavily relied upon to complete everything from everyday household transactions to payroll and state benefit payments.
What does this mean?
a Pay.UK spokesperson says it is conducting “a comprehensive and competitive procurement process for the New Payments Architecture (NPA)” and that prospective vendors, including all relevant data, competition and regulatory requirements, have been “carefully examined. We are now going through the necessary regulatory non-objection and assurance process. We will not comment further while the process is ongoing.”
